Corient Private Wealth LP Cuts Stock Position in Fastenal Company $FAST

Corient Private Wealth LP lessened its holdings in Fastenal Company (NASDAQ:FAST) by 2.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 959,652 shares of the company’s stock after selling 28,693 shares during the period. Corient Private Wealth LP’s holdings in Fastenal were worth $46,092,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Integrated Wealth Concepts LLC increased its holdings in shares of Fastenal by 2.4% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,276 shares of the company’s stock worth $487,000 after buying an additional 147 shares during the last quarter. Tandem Investment Advisors Inc. grew its position in Fastenal by 1.8% in the first quarter. Tandem Investment Advisors Inc. now owns 12,356 shares of the company’s stock worth $573,000 after acquiring an additional 224 shares in the last quarter. Sittner & Nelson LLC grew its position in Fastenal by 0.3% in the fourth quarter. Sittner & Nelson LLC now owns 68,495 shares of the company’s stock worth $2,749,000 after acquiring an additional 226 shares in the last quarter. Sound Income Strategies LLC increased its stake in Fastenal by 12.9% during the first quarter. Sound Income Strategies LLC now owns 2,025 shares of the company’s stock worth $94,000 after acquiring an additional 232 shares during the last quarter. Finally, Ausdal Financial Partners Inc. raised its position in Fastenal by 2.9% during the second quarter. Ausdal Financial Partners Inc. now owns 8,406 shares of the company’s stock valued at $404,000 after purchasing an additional 239 shares during the period. Hedge funds and other institutional investors own 81.38% of the company’s stock.

Fastenal Price Performance

FAST opened at $51.13 on Friday. The business has a fifty day moving average of $48.38 and a 200 day moving average of $46.48. Fastenal Company has a 52-week low of $38.97 and a 52-week high of $52.92. The company has a quick ratio of 2.21, a current ratio of 4.18 and a debt-to-equity ratio of 0.01. The stock has a market cap of $58.67 billion, a P/E ratio of 43.33, a PEG ratio of 3.19 and a beta of 0.72.

Fastenal (NASDAQ:FAST) last announced its quarterly earnings data on Tuesday, July 14th. The company reported $0.33 EPS for the quarter, meeting the consensus estimate of $0.33. Fastenal had a return on equity of 34.03% and a net margin of 15.45%.The company had revenue of $2.39 billion for the quarter, compared to the consensus estimate of $2.34 billion. During the same quarter in the prior year, the company posted $0.29 EPS. Fastenal’s quarterly revenue was up 14.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Fastenal Company will post 1.26 EPS for the current year.

Fastenal Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, August 25th. Stockholders of record on Tuesday, July 28th were issued a $0.26 dividend. The ex-dividend date was Tuesday, July 28th. This is a boost from Fastenal’s previous quarterly dividend of $0.24. This represents a $1.04 dividend on an annualized basis and a dividend yield of 2.0%. Fastenal’s dividend payout ratio (DPR) is currently 88.14%.

Insider Transactions at Fastenal

In related news, Director Michael J. Ancius sold 3,000 shares of the firm’s stock in a transaction dated Tuesday, July 28th. The shares were sold at an average price of $49.00, for a total value of $147,000.00. Following the transaction, the director owned 58,690 shares of the company’s stock, valued at $2,875,810. This trade represents a 4.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Rita J. Heise sold 34,964 shares of Fastenal stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $50.05, for a total transaction of $1,749,948.20. Following the sale, the director owned 20,000 shares of the company’s stock, valued at $1,001,000. The trade was a 63.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.28% of the company’s stock.

Analysts Set New Price Targets

FAST has been the subject of several analyst reports. Weiss Ratings raised Fastenal from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday. Morgan Stanley boosted their target price on Fastenal from $48.00 to $52.00 and gave the company an “equal weight” rating in a research report on Thursday, July 16th. Wolfe Research restated an “underperform” rating and set a $47.00 price target on shares of Fastenal in a report on Thursday, July 9th. Jefferies Financial Group restated a “buy” rating on shares of Fastenal in a research report on Thursday, June 4th. Finally, Rothschild & Co Redburn set a $55.00 price objective on shares of Fastenal and gave the company a “buy” rating in a research report on Monday, July 13th. Five investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Fastenal currently has a consensus rating of “Hold” and a consensus target price of $49.17.

Fastenal Profile

Fastenal (NASDAQ: FAST) is a wholesale distributor of industrial and construction supplies, best known for its broad assortment of fasteners such as bolts, nuts, screws and anchors. Founded in Winona, Minnesota, Fastenal has grown from a regional supplier into a national and international distributor serving a wide range of end markets, including manufacturing, construction, maintenance, repair and operations (MRO), and government customers. The company is publicly traded and operates through a network of locally staffed branches combined with national distribution capabilities.

Product offerings extend beyond fasteners to include tools, safety and personal protective equipment, power transmission components, cutting and welding supplies, janitorial and material handling items, and other industrial consumables.